when was pan card introduced in india

The Permanent Account Number (PAN) system, in its current 10-digit alphanumeric format, was formally introduced and made mandatory across India in 1995 under the Income Tax Act, 1961. It replaced the previous General Index Register (G.I.R.) number system. The card is issued by the Income Tax Department and serves as a vital document for tracking all financial transactions to maintain a comprehensive record of tax payments for all citizens and entities.